With a gain of 340% in less than 3 months from entry, coupled with fact that ACBFF (Aurora Cannabis Inc) is starting to form potential divergences on the daily time frame, I may soon revise the sole & final target of 3.00 for the Active Long-Term Trade. I am also raising stops once again, in order to protect profits. The new suggested stop will be on any move below 1.42. Until & unless posted otherwise in advance of ACBFF reaching the 3.00 level, that remains the final target at this time.
ACBFF daily Nov 16th
The chart below was posted in the trading room yesterday, highlighting the breakout above the downtrend line which had contained all advances on the recent consolidation/bull-flagging price action in recent weeks. That was healthy price action for Aurora which helped to alleviate the overbought conditions from the strong advance off the mid-2016 lows & could very likely propel the stock well beyond the 3.00 level. As such, longer-term investors could certainly opt to just continue to periodically raise stops & while letting the profits run in ACBFF & while my current plan is to officially close this trade at or possibly below 3.00, assuming it gets there soon, one other option would be to book profits on all gains while letting the amount of the initial position ride. More updates on ACBFF as well as the unofficial marijuana trade ideas to follow soon.
ACBFF daily Nov 15th